Can Not Talking About Money Cause Divorce?

April 26, 2013
, jp , Comments Off on Can Not Talking About Money Cause Divorce?

Divorce is a growing problem in the world generally but many of the things that cause it could be sorted out. Often issues are ignored for a long time and by the time they come to a head, it is too late to resolve differences. It is therefore worth discussing issues early on in a relationship, partly to make sure that both partners agree and partly to stay open and honest about everything. One main problem that causes divorce is money and even retirement planning. It is something that people may avoid discussing or think is not important, but can be a big influence on a relationship.

Divorce and Money:

Many people have different views about money. This could be to do with the fact that some people like to spend everything they have and others like to save. Dome people don’t mind borrowing money and others like to save up and then buy things and be debt free. Talking about money can lead to problems when couples have different views. It can also be a problem if there just is not enough money as it can add stress to a relationship generally and make other problems seem worse.

The Cost of a relationship:

Another financial problem that couple face is the cost of a relationship. They can end up spending a lot of money and this means that they be less well off than they were when they were single. In fact Rate Supermarket calculated that a two relationship that ends in marriage could cost $43,842.08 due to expenses of dating, holidays away and the wedding. This is a lot of money to find in a small space of time. It is therefore important to make sure that money does not become a big issue between partners and that it is carefully discussed. Good financial planning can help these expenses be covered.

Financial Planning:

It is therefore important for couples to talk frequently about money. They need to make sure that they agree on what they want to spend money on, how much they want to save and how much they are prepared to pay for things. It is important to be honest about debts and spending as well. Retirement planning can also be a big issue, with many couples having an idea of the lifestyle they would like to have when retired but actually not considering how they might fund it. This can even cause a divorce later on in the marriage. A BMO Financial Group Study found that 20% of couples feel that differences in opinions on retirement could lead to divorce and so it certainly is an important issue. It is worth talking about finances before the relationship gets too serious to make sure that you have the same opinions on financial matters.

They are people that avoid talking about money with their partners but it can all end in divorce. It is worth discussing money issues early on in a relationship and continuing to discuss them frequently to make sure that money does not become a big issue that leads to a divorce.